Exploring Insurance Policies For Adjusters
Any adjuster in the Ontario, Canada area should know that adjuster professional liability insurance or E&O insurance is absolutely necessary to ensure the safety of their career. As an adjuster your role is crucial to that of any insurance company, as you are required to assess different claims and determine just how much the insurance provider will pay out to the customer. While this profession is very rewarding, there are times when you might be dealing with a pushy customer or a nagging insurance company. Whatever the situation is, the whole ordeal can make your job stressful, which might result in mistakes of misjudgments that could potentially cause the customer or insurance company to experience a major financial loss.
This is why we take extra precaution and recommend discussing your insurance requirements with a broker, prior to beginning operations, to make sure your business is eligible for insurance.
This is the exact situation where professional liability insurance for adjusters can come in extremely handy. In the event that you make a mistake that results in a financial loss to the customer or insurance company, this insurance will cover those losses. However, it doesn’t just stop there, as some customers or insurance providers might look to seek out legal ramifications for your mistake. E&O insurance for adjusters can also cover court fees, lawyer fees, and other legal related expenses that you might face throughout the journey. To get coverage for physical exposures such as property damage and bodily injury, make sure to look into a general liability insurance policy to be adequately insured.
We recommend having $1,000,000 worth of professional liability insurance along with $1,000,000 CGL insurance if the business demands it. Rates starting from $60/month!
Other Policies That Need To Be Considered
Unfortunately, these are not the only risks that are faced by adjusters in the Ontario area. Sure, PLI insurance for adjusters is extremely important and necessary, but it will not cover you in every situation. If you want to ensure that your company is protected at all times here is a list of other insurance policies that you need to consider.
As an adjuster you are going to constantly be traveling form jobsite to jobsite evaluating different claims. In fact, you will spend more time in your vehicle traveling than anywhere else. Unfortunately, the road can be a tricky and dangerous place and this is why you need commercial vehicle insurance. Regular insurance won’t cut the mustard if you are using the vehicle for business related purposes. While there are a variety of different policies available, the most basic packages with cover vehicles damages, medical related, and property damage.
- Commercial Vehicle Insurance Recommended Limits – $1,000,000 per claim / $2,000,000 aggregate
If you plan on being big enough to hire employees, you are going to be required to invest in workers compensation insurance. This insurance protects you in the event that one of your employees is injured while on the job. This policy can cover their medical expenses, as well as their lost wages. Some policies might even cover your court costs in the event that the employee tries to unlawfully sue you for lost wages.
- Worker Compensation Insurance Recommended Limits – $100,000 per claim / $1,000,000 aggregate
Employee Dishonesty Insurance
Unfortunately, not all employees are model employees, which could potentially result in major financial losses to you. If an employee damages your property or steals from you employee dishonesty insurance will protect you.
- Employee Dishonesty Insurance Recommended Limits – $500,000 per claim / $2,000,000 aggregate
What Are You Going To Pay For These Policies?
The costs of policies can vary depending on a variety of different factors. For instance, as an insurance adjuster you are not considered to be in a high-risk field, which will greatly lower the costs of your overall insurance. However, if you have a bad driving record or a questionable credit past, there is a good chance that these factors could counteract the lower risk and raise the price of your insurance. That being said, if you are looking to invest in the above insurance policies you need a basic ideal of what you are going to pay.
- Commercial Vehicle Insurance – $80 per month
- Worker Compensation Insurance – $30 per month
- Employee Dishonesty Insurance – $35 per month
- Professional Liability Insurance – $60 per month
Get in touch with us today to find out how much you’ll be required to pay when purchasing coverage from a Canadian insurer. You can fill out the form on our site to figure out the costs right away. Alternatively, you may want to consider calling us on the phone or contacting us by email. We’ll get back to you as quickly as possible. We’ll answer any question that you may have!
FAQ before purchasing adjusters professional liability insurance
- How much professional liability insurance do I need as an adjuster?
- How do I get an adjusters insurance policy?
- What does adjusters professional liability insurance cover?
- What is the difference between claims made & occurrence form of coverage?
- When will I need to be insured as an adjuster?
- What other professions need this type of insurance?
Other useful posts you should also read
- Canadian insurance companies that provide professional liability insurance for adjusters
- How does the claims process work if I get sued because of my adjusting services?
- What is the cost of adjuster professional liability insurance?
- How do I apply for an adjuster professional liability insurance policy?
- How do I qualify for coverage as an adjuster?
- What is the purpose of getting insured as an adjuster?
- How long will it take to get an insurance quote for my adjusting business?